Are We Near The Bottom OR Beginning A NEW TREND of Decline? October 2022 Peterborough Real Estate.

Price Declines Stabilize, Short Term Future Uncertain Amid Interest Rate Hikes, Despite Record High Immigration and Continually Tight Supply.
Story At A Glance:
- Slowest September for sales since 2012 with sales down 30% year over year.
- Showing activity in September lowest of the year.
- Buyer sentiment does not seem as negative as the industry experts' commentary.
- Inventory is basically flat month over month at 2.25 months of inventory despite weak sales, indicating ongoing scarcity and or sellers holding back inventory.
- Central Bank Interest rate commentary increasingly slanted towards further rate hikes.
- Low inventories currently suggest low selection and competition could return as soon as interest rate signaling flips, but such timing is a very large unknown.
- New housing construction starts slowing on lower industry confidence, this and tighter lending will lead to a bleak housing future in Ontario.
- Great uncertainty surrounds the next 6-12 Months on the macroeconomic scale.
Welcome Back!
We have been anxiously awaiting these September numbers to see if the “bottoming out” patterns we saw in August continued. The trends which could be labeled as signaling the start of a bottom in August were decreasing inventory for the first time all year, increasing sales month over month, and a change in the trajectory of the price declines.
In short, while September still showed much more market stability than previous months in the year, it has also left us on the edge of our next fork in the road which I will do my best to outline in this video.
The full written article is on my website, where you can also find the audio version.
www.mitchclear...
If you're looking to listen via podcast, search for The PTBO Housing Show on all major podcast platforms and this is episode #21.
Thanks for tuning in, and I look forward to hearing what everyone thinks in the comments below.
Regards,
Mitch
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Podcast: “The PTBO Housing Show” on all major platforms
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[@julies3490]

Your insights are so thorough and thoughtful, Mitch! Thank you. So many moving parts and so many unknowns! I especially appreciated your comments about expectations and quality of living. I don't know that it's necessarily a negative since the IG dreams that we think we want may not make us happier, and maybe living with extended family would bring benefits to our quality of life. If we have a roof over our head, we're pretty lucky.. Thank you again, I appreciate the hard work you put into this video and the blog too.

[@mitchclearyPTBO]

Hi Julie, thanks for the kind words! It really is an interesting time we're in and I think theres going to be some tough times ahead not just in housing! I really see basement apartments becoming much more commonplace than they already are as people need to income to offset the living costs!